Crude oil price decrease

In February 2020, the crude oil barrel price stood at almost 51 euros, 10.5 percent down on February 2019. In January 2020, the price of a barrel of crude North Sea Brent oil was over 57 euros, approximately 9 percent higher than in January 2019.

Output prices are strongly affected by crude oil price developments. In February, prices of petroleum derivatives decreased by 6.6 percent year-on-year. Prices were up by 8.2 percent in January.

In the chemical industry as well, output prices are generally linked to crude oil price developments. Output prices of chemical products were 1.5 percent lower in February than in the same month last year. In January, prices decreased by 2.0 percent year-on-year.

Prices in most sectors of manufacturing were higher in February 2020 than in the same month last year.

The figures for the reporting month of February do not yet reflect the effects of the COVID-19 crisis. However, the coronavirus outbreak in China did (possibly) have a downward effect on the crude oil prices in February.

The figures in this publication are provisional and may be revised upwards or downwards.